Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$2,782/mo
Lowest payment- Down payment
- $60,387
- Funds due
- $72,637
- Interest + MI left
- $398,426
- First ends
- Oct 2053
Assumption
Assumption + second
$3,189/mo
+$408/mo- Down payment
- $20,387
- Funds due
- $33,952
- Interest + MI left
- $505,162
- First ends
- Oct 2053
New loan
New conventional
$3,137/mo
+$355/mo- Down payment
- $20,387
- Funds due
- $30,000
- Interest + MI left
- $556,960
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $339,513 | $339,513 | $379,513 |
| Second mortgage | — | $40,000 | — |
| First P&I | $2,291.74 | $2,291.74 | $2,570.95 |
| Second P&I | — | $407.60 | — |
| Mortgage insurance | — | — | $75.90 |
| Taxes, insurance & HOA | $489.92 | $489.92 | $489.92 |
| Total housing payment | $2,781.65 | $3,189.25 | $3,136.77 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$20,387
Closing costs & prepaids$13,565
Usable credit−$0
Total buyer cash needed$33,952
Earnest money paid−$0
Remaining funds due$33,952
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$3,999.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$1,697.56
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$1,019.75
Prepaid interest, first (5 days)$315.33
Prepaid interest, second (5 days)$65.07
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 5 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 10 moOf the original 30-year loan at 6.78%
Interest already paid$74,346Through Dec 2026
Assumption only · ends Oct 2053$398,426
Assumption + second · ends Oct 2053, second Jan 2057$505,162
New conventional · ends Jan 2057$556,960